AXA: Berenberg raises target price

(CercleFinance.com) - Berenberg announced on Tuesday that it had raised its target price for AXA shares from E41.
5 to E46, while renewing its buy recommendation on them.

The analyst describes AXA as a "quality player" whose stockmarket discount is unjustified.

Berenberg says that it has nudged up its earnings forecasts for the insurer to reflect the positive effect of the dollar's rise on the group's accounts.

The broker also mentions the stock's "undervaluation" compared with other specialists in the insurance sector.


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